The new rules will significantly complicate the use of cryptocurrencies: exchanges such as Binance, Coinbase and Kraken are removing USDT and other coins from the listing without a license for EU users. Only licensed assets such as USD will remain available.

Transfers over €1,000 to wallets will require proof of identity, proof of ownership of the wallet and the origin of income. Transactions through unregulated platforms or unconfirmed wallets will be blocked and funds will be frozen.

Residents of Cyprus will have to switch to licensed coins and work only with proven platforms. Violation of the MiCA rules threatens to completely block your assets.

@cyprus_control